Closing Your Business

The following agencies may have filing requirements that apply to selling or closing your business. We will continue to add information as additional agencies/requirements are identified.

Kansas Department of Labor

Employers should immediately notify the department when selling all or part of the business or discontinuing business for any reason. All Quarterly Wage Report and Unemployment Tax Returns and taxes, including penalty and interest, are due within 15 days of selling or closing the business.

If the employer sells all or part of the business, the selling employer must supply the department with the following information concerning the transaction: buyer’s name, trade name, address, date of sale and that portion of the business sold.

If the business is discontinued, the employer must supply the department with the date of closing.

Employers can report this information on the Employer’s Account Record Change (K-CNS 103).

Kansas Department of Revenue

What to do when you sell your business:

You need to notify the Department of Revenue when you sell your business. The department can then change the records of your account to show the information on the new owner and to take your name off the account. This helps reduce the chance you may be contacted about future tax issues for that business. If the department does not know you have sold your business you may be viewed as a non-filer or you may be contacted on a tax liability the business incurs after you sold it.

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